Scottsdale Marital Property and Debt Division Attorneys
It can be difficult to think of your marriage as having been a balance sheet showing assets and liabilities — but when you go through a divorce, division of property and debt is often one of the most contentious issues. Since Arizona is a community property state, both assets and debts acquired during the marriage are considered to be equally owned by you and your spouse. At the Scottsdale law firm of Davis Limited, we examine and evaluate the real worth of property and extent of debts to help you achieve a fair and equitable settlement.
Determining Marital Assets and Liabilities
Some "jointly owned" assets are obvious: a house, car, boat or other property you acquired while married are considered marital assets. The same goes for debt — you are equally responsible for the mortgage, car loan or credit card debts that were incurred during the marriage. However, inheritances, property or gifts received before you were married are not marital property — and any liabilities, such as student loans or credit card bills, that you had before marriage are your sole responsibility. Division of debt is as important as division of property. In fact, if your spouse doesn't pay what he or she owes, the creditor can go after you. We will draft an indemnification provision to ensure that you are not liable for your spouse's unpaid or future debts.
Finding Hidden Assets
Sometimes one party will "hide" or "neglect" to mention an asset. With 18 years of experience in helping clients with property settlements in Arizona divorces, attorney Greg Davis knows to uncover property and other assets. Profits from a business, undisclosed bank accounts, overseas investments and property owned under the name of another entity are commonly hidden. We work with real estate appraisers, investigators, forensic accountants and other experts to uncover all assets to which you have a legitimate claim.
Getting to an Agreement
Because one party may receive more hard assets — a house, for instance — than another, equalization is often achieved by offsetting that imbalance, usually in cash. Getting to a property settlement agreement in an Arizona divorce involves discovering the full value of assets, including deferred compensation plans, pensions, IRAs, 401Ks and stock options, and full disclosure of debts. At Davis Limited, we will help make sure that you receive what is rightfully yours in a cost-effective, low-conflict way.
Contact an Arizona Property Settlement Attorney
To schedule a consultation with lawyer Greg Davis, please call us at 623-208-7130 (877-551-4908, toll free) or contact us by e-mail.
